Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company focuses on the research and development of recombinant collagen proteins and has established a comprehensive industrial chain [4][14] - The company has shown robust revenue growth, with a CAGR of 37.85% from 2019 to Q3 2024, and a net profit CAGR of 53.04% during the same period [4][24] - The company has a strong research capability and has developed a variety of functional protein biomaterials, enhancing its core competitiveness [4][22] Summary by Sections Company Overview - The company, established in 2008, specializes in functional protein research, particularly recombinant collagen and anti-HPV biological products [14][22] - It has a concentrated shareholding structure, with the chairman holding 58.89% of the shares, which promotes management efficiency [16][20] Industry Overview - The recombinant collagen market is rapidly growing, with a projected CAGR of 48.57% for raw materials and 50.27% for products from 2018 to 2023 [47] - The company’s products are widely used in medical aesthetics, gynecology, urology, and dermatology, indicating a broad application scope [42][44] Competitive Advantages - The company has a strong R&D capability and a complete industrial chain from raw materials to end products, which includes medical devices and functional skincare products [4][22] - The company has established its own brands in the functional skincare market, enhancing its market presence [22] Financial Forecast and Valuation - The company expects a net profit of 719 million to 737 million yuan for 2024, representing a year-on-year growth of 139.83% to 145.83% [4][5] - Revenue projections for 2024-2026 are 1.52 billion, 2.13 billion, and 2.66 billion yuan, respectively [5][10] Product Segmentation - The company’s main products include medical devices, functional skincare products, and raw materials, with medical devices being the largest revenue contributor [22][26] - The revenue from recombinant collagen products has significantly increased, with medical devices accounting for 89.95% of total revenue in 2023 [26][32]
锦波生物：公司深度研究报告：专注重组胶原蛋白领域，构建起全方位产业链-20250223